This form is a settlement statement provided by the attorney to the client detailing expenses and disbursements of client funds.
Virginia Personal Injury Settlement Statement
State:
Multi-State
Control #:
US-PI-0228
Format:
Word;
Rich Text
Instant download
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Public form
Description
How to fill out Personal Injury Settlement Statement?
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FAQ
How Much is a Thumb Injury Worth? A completely incapacitated thumb ? either amputated or just completely not working ? is worth 100 weeks of pay at a rate of ? probably ? somewhere between $300 and $350 per week. This means $30,000 to $35,000 as a ballpark figure.
Hand injury compensation payouts for general damages £96,160 ? £109,650 for total or effective loss of one hand. £55,820 ? £84,570 for serious damage to both hands causing a significant loss of function. £29,000 ? £61,910 for serious hand injuries. £14,450 ? £29,000 for less serious hand injuries.
Ing to national data, the average jury verdict in finger and hand injuries is approximately $630,000. The median verdict is approximately $70,000. This significant gap tells us that some severe, life-altering hand injury cases have extremely high values, but many smaller cases are not as debilitating.
Since these types of damages are meant to replace the income you would otherwise have earned from work and would have paid taxes on, they are considered to be taxable by the IRS and the State of California and will need to be reported.
There is no fixed formula or schedule to determine how much a finger injury is worth in a personal injury settlement. However, one common method used by lawyers and insurance adjusters is to multiply the total medical expenses (past and future) by a number between 1 and 5, depending on the severity of the injury.
To determine a potential settlement value, they first combine the total of medical expenses to date, projected future medical expenses, lost wages to date and projected future lost income. The resulting sum is then multiplied by the pain and suffering multiplier value to produce a projected settlement amount.
Types of Hand and Wrist Injuries and Their Settlement Value Nationally, the average verdict award for hand and wrist injuries is approximately $630,000. The median verdict for hand and wrist injuries is significantly lower at $70,000.
The result of a settlement agreement involves the responsible party paying a certain amount to compensate for the damages caused to the victim.
A structured settlement is an arrangement in which the settlement payment is paid out over time, rather than in a lump sum. This can help to avoid taxes on the settlement payment by spreading out the tax liability over a longer period of time.
Settlements for automobile and property damages are not taxable, but there are exceptions. Like medical expenses, the IRS and the State of California consider these damages as reimbursement for a car or home previously paid.